传媒 ——吉比特(603444)季报点评 第 1 页 / 共 5 页 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 盈利预测与投资建议：《问道手游》于 4 月开启 8 周年活动，在 iOS 畅销榜排名最高上升至第 10 名，有望带动流水和利润增加。新上 线的游戏在经历前期投入阶段后或释放增量利润。根据公司年报， 公司目前仍有较多的产品储备如《亿万光年》、《封神幻想世界》等 值得关注。预计 2024-2026 年 EPS 分别为 14.96 元、16.82 元和 17.90 元，按照 4 月 30 日收盘价 195.65 元，对应 PE 为 13.08 倍、 11.63 倍和 10.93 倍，维持"增持"投资评级。 | --- | --- | --- | --- | --- | --- | |--------------------|-------|--------|-------|-------|-------| | | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 5,168 | 4,185 | 4,21 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 10.80 yuan [3] Core Views - The company focuses on dual main businesses: bearings and superhard materials, continuously improving operational quality [2] - In 2023, the company achieved revenue of 2.784 billion yuan, a year-on-year decrease of 18.98%, while net profit attributable to the parent company increased by 10.96% to 259 million yuan [3] - In Q1 2024, the company's revenue was 636 million yuan, a year-on-year increase of 3.04%, and net profit attributable to the parent company was 85.52 million yuan, a year-on-year increase of 14.88% [3] - The company has optimized its business structure, reducing low-efficiency trade business and improving profitability [3][8] Business Performance Bearings Business - The bearings business achieved revenue of 1.038 billion yuan in 2023, a year-on-year increase of 5.53%, accounting for 37.28% of total revenue [3] - Special bearings, which account for over 50% of the bearings business, are expected to grow rapidly due to increased demand from the military and wind power industries [9][10] - The company's subsidiary, Luoyang Bearing Research Institute, achieved revenue of 849 million yuan in 2023, a year-on-year decrease of 17.11%, but net profit increased by 12.46% to 169 million yuan [9] Superhard Materials Business - The superhard materials business achieved revenue of 1.004 billion yuan in 2023, a year-on-year decrease of 2%, accounting for 36.07% of total revenue [3] - Superhard abrasive tools revenue grew by 23.28% to 481 million yuan, while high-end equipment revenue decreased by 27.13% to 290 million yuan [3][12] - The company has a complete industrial chain in superhard materials, from equipment to materials and tools, and is expected to benefit from the development of the industry in Henan Province [18][20] Trade and Engineering Business - The trade and engineering business revenue decreased by 49.48% to 699 million yuan in 2023, accounting for 25.11% of total revenue [3] - The company has actively reduced low-efficiency trade business, improving overall operational quality [3] Profitability and Financial Metrics - In 2023, the company's gross profit margin was 32.86%, an increase of 8.68 percentage points year-on-year, while the net profit margin was 9.71%, an increase of 2.77 percentage points [3] - In Q1 2024, the gross profit margin and net profit margin further improved to 36.26% and 13.91%, respectively, an increase of 3.4 and 4.2 percentage points compared to 2023 [8] - The company's ROE (diluted) was 2.55% in 2023, and the asset-liability ratio was 33.43% [3] Future Outlook - The company is expected to achieve revenue of 3.221 billion yuan, 3.692 billion yuan, and 4.099 billion yuan in 2024, 2025, and 2026, respectively, with net profit attributable to the parent company of 363 million yuan, 457 million yuan, and 526 million yuan [20] - The company's PE ratios for 2024-2026 are projected to be 15.77X, 12.55X, and 10.9X, respectively [20] - The company's dividend payout ratio has remained stable at around 40% in recent years [20]

Investment Rating - The report assigns a "Buy" rating to Shanxi Securities (002500) for the first time, with a target price based on a P/B ratio of 1.04x and 1.01x for 2024 and 2025, respectively [2][3] Core Views - Shanxi Securities has shown resilience in its brokerage business, with net brokerage commission income outperforming the industry despite a decline [3] - The company's bond underwriting business has significantly grown, offsetting the decline in equity financing [3] - Asset management business has expanded rapidly, with public fund assets under management (AUM) growing substantially [3] - The company has a strong regional investment banking advantage in Shanxi and has developed a differentiated competitive edge in FICC and asset management [3] Financial Performance - In 2023, Shanxi Securities achieved revenue of 3.47 billion yuan, a year-on-year decrease of 16.58%, while net profit attributable to shareholders increased by 7.88% to 620 million yuan [3] - In Q1 2024, revenue was 631 million yuan, down 44.64% year-on-year, and net profit attributable to shareholders was 159 million yuan, down 36.72% year-on-year [3] - The company's return on equity (ROE) was 3.53% in 2023, an increase of 0.21 percentage points year-on-year [3] Business Segments Brokerage Business - In 2023, net brokerage commission income was 452 million yuan, down 4.44% year-on-year, but outperformed the industry average [9] - The number of wealth management clients increased by 11.33%, and AUM grew by 28.32% [9] - Institutional brokerage business saw a 71.38% increase in professional institutional clients and a 137.27% increase in AUM [9] Investment Banking - In 2023, net investment banking commission income was 394 million yuan, down 5.74% year-on-year [10] - Equity financing underwriting volume dropped by 65.53% to 2.15 billion yuan, while bond underwriting volume surged by 143.69% to 81.20 billion yuan [10][11] Asset Management - In 2023, net asset management commission income was 245 million yuan, up 19.51% year-on-year [13] - Public fund AUM grew by 123.16 billion yuan, reaching 299.63 billion yuan, while private fund AUM increased by 61.51 billion yuan to 357.85 billion yuan [13] Investment Income - In 2023, investment income (including fair value changes) was 1.75 billion yuan, up 20.80% year-on-year [15] - Fixed-income investment maintained a high level of return, while equity investment reduced portfolio volatility [15] Margin Financing and Stock Pledging - In 2023, margin financing balance increased by 6.09% to 6.77 billion yuan, while stock pledge business decreased by 19.55% to 1.15 billion yuan [16] Future Outlook - The company is expected to achieve EPS of 0.15 yuan and 0.18 yuan in 2024 and 2025, respectively, with BVPS of 5.04 yuan and 5.18 yuan [3] - The P/B ratio is projected to be 1.04x and 1.01x for 2024 and 2025, respectively, based on the closing price of 5.25 yuan on April 30, 2024 [3]

电力及公用事业 分析师：陈拓 登记编码：S0730522100003 电力产业链分析及河南省产业概况 c hentuo@ccnew.com 证券研究报告-行业深度分析 单击或点击此处输入文字。 发布日期：2024年04月30日 投资要点： 联系人： 马嶔琦 电话： 021-50586973 ⚫ 一、我国电力产业概况 地址： 上海浦东新区世纪大道1788号16楼 邮编： 200122 电力是关系国家能源安全、经济发展和社会稳定的基础产业。2024年是实 现“十四五”规划目标任务的关键一年，我国正处在加快构建新型能源体 系的重要节点，而新型电力系统是新型能源体系的重要组成部分。国家高 度重视电力产业，出台了一系列政策措施支持引导，推动我国电力系统绿 色低碳转型和高质量发展，保障电力能源安全。我国发电装机总规模、非 化石能源发电装机容量等指标均居世界第一，截至 2023 年末，我国可再 生能源装机在发电总装机的占比已突破50%。 ⚫ 二、我国电力行业市场竞争格局及重点企业 我国电力行业的竞争主要集中在发电领域，电力央企格局已趋于稳定，形 成了国家能源集团、华能集团、国家电投、华电集团、大唐集团、三峡集 团等大型发电 ...

电力及公用事业 分析师：陈拓 工业拉动用电量增长，一季度电力板块 登记编码：S0730522100003 全面盈利 c hentuo@ccnew.com ——电力及公用事业行业月报 证券研究报告-行业月报 强于大市(维持) 电力及公用事业相对沪深300指数表现 发布日期：2024年04月30日 投资要点： 电力及公用事业 沪深300 3% ⚫ 行情回顾：4月电力及公用事业指数表现弱于沪深300指数，而电 -1% -4% 力指数强于沪深 300 指数。截至 4 月 26 日收盘，4 月电力及公用 -7% -11% 事业指数上涨0.57%，跑输沪深300（1.32%）0.85个百分点；电 -14% 力指数上涨1.41%，跑赢沪深300（1.32%）0.09个百分点。 -18% -21% 2023.05 2023.09 2023.12 2024.04 ⚫ 电力供需：从电力需求看，电力消费延续快速增长态势。3 月份， 资 料来源：中原证券，聚源 全社会用电量7942亿千瓦时，同比增长7.4%。1-3月，全社会用 相关报告 电量 23373 亿千瓦时，同比增长 9.8%。分产业看，一产、二产用 《电力及公用事业行业月报 ...

医药 分析师：李琳琳 重点板块 23 年年报回顾，建议近期关 登记编码：S0730511010010 注合成生物学概念投资机会 l ill@ccnew.com 021-50586983 ——医药行业月报 证券研究报告-行业月报 强于大市(维持) 医药相对沪深300指数表现 发布日期：2024年04月30日 投资要点： 医药 沪深300 1% -4% ⚫ 市场行情回顾。2024年2月20日至4月29日，中信生物医药行 -8% 业指数上涨5.84%（按照流通市值加权平均计算），同期沪深300 -12% 上涨 7.59%，（按照流通市值加权平均计算），跑输沪深 300 -17% -21% 1.75 个百分点，行业整体表现在 30 个中信二级行业指数中排名 2023.05 2023.09 2023.12 2024.04 -25% 倒数第10位。 -30% ⚫ 从近十年来中信生物医药指数的PE走势看，截至2024年4月29 资 料来源：聚源，中原证券研究所 日，行业的动态PE为38.20倍，处于近10年来中位偏低水平。 相关报告 《医药行业月报：关注年报和一季报超预期 ⚫ 跟踪的行业数据显示，维生素价格因为国内部分厂家 ...

家居 分析师：龙羽洁 登记编码：S0730523120001 家居产业链分析之河南概况 l ongyj@ccnew.com 0371-65585753 证券研究报告-行业深度分析 发布日期：2024年04月30日 投资要点： 联系人： 马嶔琦 ⚫ 产业链概况 电话： 021-50586973 地址： 上海浦东新区世纪大道1788号16楼 家居可分为家具、软装、卫浴、地面、墙面、门窗、家电、照明等几大类。 邮编： 200122 家居产业链较长，上游为原材料的供应环节，主要包括：木材、聚氨酯类 材料、塑料、金属、涂料、陶瓷、皮革、海绵、纤维织物等；中游为家居 生产制造企业，产品包括定制家居、成品家居、瓷砖地板、卫浴制品等； 下游为各类销售渠道，经直销或经销方式最终销售给消费者，消费者又分 为B端客户房地产开发商和家装公司，以及C端客户即个人消费者。 ⚫ 行业情况及发展趋势 全球家具及家居用品市场收入呈现持续缓慢增长态势，根据Statista预计， 2025年全球家具及家居用品市场收入将突破1.616万亿美元。根据亿欧智 库数据，2017-2021年，中国家居行业零售规模从4.01万亿元增长至4.28 万亿元，CA ...

电力设备及新能源 分析师：唐俊男 产业链价格再度下探，盈利普遍承压 登记编码：S0730519050003 加速产能出清 t angjn@ccnew.com 021-50586738 ——光伏行业月报 证券研究报告-行业月报 强于大市(维持) 电力设备及新能源相对沪深300指数表现 发布日期：2024年04月30日 投资要点： 电力设备及新能源 沪深300 3% ⚫ 四月光伏行业表现大幅落后市场，个股跌多涨少。截至4月30日 -3% -8% 收盘，本月光伏行业下跌8.73%，大幅落后于沪深300指数。光 -14% 伏支架、光伏电站、导电银浆板块取得正向收益，中信博、捷佳伟 -20% 创、上能电气、帝科股份、吉电股份、迈为股份、振江股份、禾迈 -25%2023.05 2023.09 2023.12 2024.04 -31% 股份、联泓新科、浙江新能涨幅排名居前。 -36% ⚫ 国内市场需求有所走弱，供给过剩依旧是行业面临主要问题。国家 资 料来源：聚源数据，中原证券研究所 能源局发布2024年1-3月全国电力工业统计数据，1-3月我国新 相关报告 增光伏装机45.74GW，同比增长35.9%，三月新增光伏装机 ...

有色金属 分析师：李泽森 登记编码：S0730523080001 铝基材料产业链分析之河南概况 l izs1@ccnew.com 021-50586702 证券研究报告-行业深度分析 相关报告 发布日期：2024年04月30日 《有色金属行业月报：美联储维持利率不变， 报告要点： 金价创历史新高》 2024-04-02 ⚫ 铝基材料是以铝为基础的材料。铝是自然界中最常见的有色金属之 《有色金属行业月报：板块表现较好，金属价 一，具有轻质化、可塑性、易导电、易导热、无磁性等优良特性， 格涨跌互现》 2024-03-05 是全球产量仅次于钢铁的重要金属。虽然铝拥有上述诸多优点，但 《有色金属行业月报：美联储表态偏鹰，金属 也存在强度、硬度低，耐磨性差等问题，为满足不同领域的应用需 价格区间震荡》 2024-02-02 求，工业生产过程中通常会在铝中加入各种合金元素以获得具有性 能更加优异的铝基材料。铝基材料是以铝为基础的材料，由于铝具 联系人： 马嶔琦 有良好的机械性能和化学性能，且具有较低的密度，故成为一种重 电话： 021-50586973 要的工程材料。铝基材料通常包括铝合金、铝基复合材料等，具有 地址： ...

新材料 分析师：顾敏豪 我国集成电路产业同比扭亏为盈，基本金属 登记编码：S0730512100001 价格普遍上涨 gumh00@ccnew.com 021-50586308 研究助理：石临源 登记编码：S0730123020007 ——新材料行业月报 s hily@ccnew.com 0371-86537085 证券研究报告-行业月报 强于大市(维持) 新材料相对沪深300指数表现 发布日期：2024年04月30日 投资要点： 80% 60% ⚫ 4 月新材料板块走势强于沪深 300。4 月新材料指数（万得）上涨 40% 3.24%，跑赢沪深 300 指数(2.44%)0.80 个百分点。同期上证综指 20% 0% 上涨2.36%，深证成指上涨2.90%，创业板指上涨3.82%。新材料 -20% -40% 指数涨跌幅与 30 个中信一级行业相比位列第 9 位，稍弱于汽车行 -60% 2021-04-30 2021-12-06 2022-07-13 2023-02-17 2023-09-18 2024-04-29 业表现，指数整体表现较好。从市盈率来看，截止至 2024 年4 月 新材料指数 沪深300 2 ...